The new funding will help accelerate Achates Power's product development and commercialization efforts. It will also provide additional support for the company's customers, including its contract to develop the next-generation combat engine for the U.S. Army Tank Automotive Research, Development and Engineering Center.

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Achates Power’s financing comes during a down year for the automotive industry in terms of VC dollars invested, which is a surprising note given that VC investment in the space has been on the rise for years. According to the PitchBook Platform, VC capital invested in the U.S. automotive space has increased each year since the beginning of 2004, with 52 U.S.-headquartered automotive companies getting VC backing during that time. In total, about $2.4 billion of VC coin has been invested in the space during that 9+ year span.